Business Insider's personal finance team compared Wells Fargo CDs to the best CDs and found it to be a standard offering. Some CD rates at Wells Fargo are good, but Wells Fargo requires a hefty minimum opening deposit, and it doesn't offer many CD terms.
Wells Fargo only offers fixed-rate CDs, which means your rate will remain the same throughout the entire term. Wells Fargo CDs are also FDIC-insured, which means they're a relatively safe place to keep money because if there is a bank failure, the FDIC protects up to $250,000 per depositor. FDIC insurance typically applies to all bank accounts.
You'll want to consider another financial institution if you'd like to open a variable-rate CD, like a step-up CD. Step-up CDs offer a guaranteed rate increase at a specific date.
Current Wells Fargo CD Rates
Wells Fargo Standard Fixed Rate CD Rates
A Wells Fargo Standard Fixed Rate CD offers 2.00% to 2.76% APY.
Wells Fargo has standard rates and relationship rates. You can qualify for a relationship rate when you link Wells Fargo Prime Checking, Wells Fargo Premier Checking, or Wells Fargo Private Bank Interest Checking.
Wells Fargo CD rates aren't strong for its standard CDs. If you want a competitive CD rate at Well Fargo, a Wells Fargo Special Fixed Rate CD is probably a better fit.
Wells Fargo CD rates are the same in many areas, but they can vary depending on where you live. We used a zip code from New York City for the following Wells Fargo CD rates:
| Standard Fixed Rate Term | Standard APY | Relationship APY |
| 3-month | 2.00% | 2.01% |
| 6-month | 2.00% | 2.01% |
| 1-year | 2.75% to 3.25%* | 2.76% to 3.26%* |
*The 1-year CD offers a higher interest rate if you deposit $100,000 or more.
Wells Fargo Special Fixed Rate CD Rates
A Wells Fargo Special Fixed Rate CD pays 3.50% to 4.26% (varies by location) APY, depending on the term.
A Wells Fargo Special Fixed Rate CD offers a higher interest rate than the average CD. The Wells Fargo standard CD rates are better than you can find at many other brick-and-mortar banks, but they aren't as strong as you can find at top online banks for CDs.
The Wells Fargo Special Fixed Rate CD might be worthwhile if you have $5,000 or more to open an account because this Wells Fargo CD rate is better regardless of your account balance.
We used a zip code from New York City for the following Wells Fargo Special Fixed Rate CD rates:
| Special Fixed Rate Term | Standard APY | Relationship APY |
| 4-month | 4.00% | 4.26% |
| 7-month | 3.75% | 4.01% |
| 11-month | 3.50% | 3.76% |
Overview of Wells Fargo CDs
Wells Fargo has two CD options: standard CDs and special CDs. The primary difference between the two accounts is that Wells Fargo special CD rates are more competitive than Wells Fargo standard CD rates, but Wells Fargo special CDs also have higher minimum opening deposits than Wells Fargo standard CDs.
Other brick-and-mortar banks tend to have more online term options. You could also find more specialty CDs at different banks and credit unions. Notably, some of the best banks and credit unions offer no-penalty CDs, add-on CDs, or bump-up CDs.
Wells Fargo CD Rate Pros and Cons
Wells Fargo CD Rate Pros
- National branch presence which might make it more convenient to monitor CD rates, renew terms, or initiate a CD account closure
- Wells Fargo Special Fixed Rate CD rates are competitive
- Interest has daily compounding
Wells Fargo CD Rate Cons
- High minimum opening deposit requirements compared to other banks
- Other financial institutions offer higher online CD rates for 3-month, 6-month, and 1-year terms
- Other financial institutions offer more online CD variety (specialty CDs and more term options)
Wells Fargo CD Alternatives
Wells Fargo CDs vs. U.S. Bank CDs
U.S. Bank offers four types of CDs: special CDs, standard CDs, step-up CDs, and trade-up CDs. A trade-up CD allows you to request a rate increase at a U.S. Bank branch once during a term if interest rates go up.
In general, U.S. Bank CD rates aren't as high as Wells Fargo CD rates. All of U.S. Bank's CDs, except for its CD specials, offer interest rates of less than 1% APY. While U.S. Bank special CD rates are higher than the standard terms, at 3.20% to 4.00% (Varies by location) APY, Wells Fargo special CD rates are still even more impressive at 3.50% to 4.26% (varies by location). That being said, U.S. Bank's special CDs offer longer term lengths.
You also might lean more toward U.S. Bank if you'd like to open a CD with a low minimum opening deposit. U.S. Bank lets you open an account with $500. At Wells Fargo, you need at least $2,500.
Wells Fargo CDs vs. Capital One CDs
Capital One 360 CD might be a better option if your priority is opening a CD with a low initial deposit. Capital One 360 lets you open a CD with $0. With Wells Fargo CDs, you need at least $2,500. Capital One also has better term lengths, offering CDs with term lengths up to 5 years, while Wells Fargo only offers CDs with term lengths up to 1 year.
Capital One CD rates pay 3.50% to 4.00% APY, which is comparable to Wells Fargo special CD rates. The best CD option for you may ultimately depend on which term you're looking for.
How to Open a Wells Fargo CD
Wells Fargo CDs can be opened online or at a nearby branch. Bear in mind the bank offers additional term options if you visit a branch.
To open a CD, you must be at least 18 years old. If you apply online, you'll need to include a Social Security number or ITIN number, a U.S. address, and a phone number. If you apply at a branch, you must take physical documents verifying your identity and home address. People who aren't U.S. citizens or permanent residents can use a foreign passport or Matricula Consular if they don't have a U.S. ID.
A Wells Fargo Standard Fixed Rate CD has a $2,500 minimum opening deposit, and a Wells Fargo Special Fixed Rate CD has a $5,000 minimum opening deposit. These requirements are pretty steep compared to other banks. Usually, only $1,000 is required to open a CD.
Should You Open a Wells Fargo CD?
Wells Fargo might be worth considering if you are searching for a short-term CD at a brick-and-mortar bank of one year or less. In particular, a Wells Fargo Special Fixed Rate CD could be worthwhile if you are looking for a good CD rate. These CD rates also more higher than Wells Fargo savings account interest rates, which could make them worthwhile if you don't plan to accessing some of your money anytime soon.
Wells Fargo probably won't be the best option if you're searching for CDs with low opening requirements. Other financial institutions let you open CDs with $1,000 or less. Wells Fargo CDs require $2,500 to $5,000, depending on which type of CD you open.
You also might prefer a different bank if you prefer more CD variety while applying online. Generally, most financial institutions at least offer CDs ranging from three months to five years.
There are also financial institutions that offer other types of CDs. For example, some banks have no-penalty CDs, which do not charge early withdrawal penalties if you need to take out money before a term ends.
Why You Should Trust Us: How We Reviewed Wells Fargo CDs
For our Wells Fargo CD review, we rate bank accounts on a scale from one to five stars. For our CD review, we used our CD methodology, which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and the ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Wells Fargo CDs FAQs
A Wells Fargo Standard Fixed Rate CD pays 2.00% to 2.76% APY while a Wells Fargo Special Fixed Rate CD offers 3.50% to 4.26% (varies by location) APY. The exact APY will depend on the term you choose.
The best CD rate at Wells Fargo is 4.26% APY. This is offered on the 4-month Wells Fargo Special Fixed Rate CD if you qualify for a relationship rate. Otherwise, you'll earn 4.00% APY, which is the highest standard rate offered at the bank. To qualify for a relationship rate, you must link Wells Fargo Prime Checking, Wells Fargo Premier Checking, or Wells Fargo Private Bank Interest Checking.
You can open a Wells Fargo CD online or at a branch. You must be at least 18 years old to open a bank account and provide general information, like your home address and Social Security number. People who aren't U.S. citizens or residents can use alternative forms of I.D. if they don't have a U.S. ID.
Yes. Wells Fargo Standard Fixed Rate CDs require at least $2,500, and Special Fixed Rate CD needs a minimum of $5,000.
You can access funds but there are early withdrawal penalties if you withdraw money before an account's CD maturity. For CD terms between three months and one year, the penalty is three months of interest. It's better to access funds after a CD matures, so you can make a penalty-free withdrawal.
The Wells Fargo Special Fixed Rate CDs offer competitive rates compared to other financial institutions. Wells Fargo Standard Fixed Rate CD rates aren't as strong as CDs from online banks or credit unions, though.
No, Wells Fargo doesn't have monthly service fees for its CDs. You'll have to pay an early withdrawal penalty if you withdraw money early, though, and you'll need at least $2,500 for a minimum opening deposit.
